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TMI Blog2020 (9) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency Resolution Process against Tensile Steel Limited (hereinafter called the 'Corporate Debtor') on the ground that the Corporate Debtor, in its capacity as a Corporate Guarantor, committed default to the extent of Rs. 175,90,44,237/- as provided under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that IFCI Limited has granted a term loan of Rs. 200,00,00,000/- to Uttam Galva Metallics Limited (Uttam Galva) to partly fund the the project for setting up of integrated steel plant at Wardha, Maharashtra vide Letter of Intent dated 18.07.2014. The Corporate Debtor herein is the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Petitioner has also enclosed the Demand Promissory Note issued by Uttam Galva dated 06.09.2014 and the same is extracted below: "We refer to the Facility Agreement dated 06.09.2014 executed between Uttam Galva Metallics Limited and the Lender, as amended from time to time (the 'Facility Agreement'). Unless otherwise defined herein all capitalized terms shall have the meaning ascribed to it in the Facility Agreement. ON DEMAND, I/We unconditionally promise to pay to the Lender or order at their office mentioned above, the sum of Rs. 200 crore with interest thereon at the applicable interest rate, together with all other amounts payable under the Finance Documents for value received. Presentment for payment and noting and protest of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Petitioner should file the appropriate application before the competent NCLT bench having the territorial jurisdiction to try and entertain that application. (b) It is also contended that in view of Clause 7.1 of the Multi Party Agreement, if there are any conflict between the provisions of the Loan Agreement/ Finance Documents and the Multi Party Agreement, the provisions of Multi Party Agreement shall prevail. (c) The Corporate Debtor submitted that the Petitioner has already filed a claim of Rs. 149,58,17,113/- on the file of Resolution Professional of Uttam Galva (CP(IB)/2054/MB/2018) and the same has been admitted. Despite the fact that a claim has been admitted by the Resolution Professional of Uttam Galva in respect of this ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional' appointed pursuant to the 'Corporate Insolvency Resolution Process' against the 'Corporate Guarantor No.1' ('Sunrise Naturopathy and Resorts Pvt. Ltd.'), as also from the 'Resolution Professional' appointed pursuant to 'Corporate Insolvency Resolution Process' initiated against 'Sunsystem Institute of Information Technology Pvt. Ltd.'- ("Corporate Guarantor No.2")? Admittedly, for same set of debt, claim cannot be filed by same 'Financial Creditor' in two separate 'Corporate Insolvency Resolution Processes'. If same claim cannot be claimed from 'Resolution Professionals' of separate 'Corporate Insolvency Resolution Processes', for same claim amount and default, two applications under Section 7 cannot be admitted simultaneously. Onc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also failed in justifying its claim of Rs. 175,90,44,237/- against the Corporate Debtor under this company petition as against its claim of Rs. 149,58,17,113/- submitted under CP(IB)/2054/MB/2018. (g) The Corporate Debtor submitted that the Petitioner's attempt is only "Forum Shopping" with the intention of extracting the maximum monies by filing this petition and without waiting for the crystallization of the claims made by it under the CP(IB)/2054/MB/2018. 8. The Petitioner filed rejoinder wherein it was contended that as provided under Section 60 (2) of the Code, the Petitioner is entitled to initiate CIRP against the Personal Guarantor or Corporate Guarantor. Section 60 of the Code provides as below: "(1) The Adjudicating Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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